United States stocks soared today, cutting into sharp losses from a sudden selloff. Dow industrials were up about 2.7% at 11am after shedding 6.9% the previous day.
Stocks were hammered as fears about an increase in coronavirus cases and a somber economic outlook from the US Federal Reserve forced investors to confront risks that had been pushed aside during the huge market rally that has taken place since March.
All three major stock indexes have been trading sharply higher, after recording their worst day since March 16th, which was the height of the coronavirus selloff.
The drastic collapse of the Nasdaq came after three straight days of all-time closing highs. The Dow (INDU) was up 3.1%, or 775 points. The S&P 500 (SPX) and the Nasdaq Composite(COMP) both rose 2.5%.
It was a tough day. Huge #stockmarmet losses at the close
S&P 500 📉 5.89% #Nasdaq 📉 5.27% #DowJones 📉 6.90% pic.twitter.com/TQG377C5wi
— Gabriel Schray (@schrayguy) June 11, 2020
Oil markets also took a break from a steep selloff, recovering from earlier losses. US oil was up 1.5% at $36.91 a barrel following a more than 8% drop in the prior session.
The international oil benchmark climbed 1.9% to $39.24 a barrel.
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